noun
prize applies to something won in competition or, often, in a lottery or game of chance she won first prize in the golf tournament; award implies a decision by judges but does not connote overt competition we received an award for the best news story of the year; reward usually refers to something given in recompense for a good deed or for merit a reward was offered for the return of the lost briefcase; premium, in this connection, applies to a reward offered as an inducement to greater effort or production to pay a premium for advance delivery
verb
See prize in Webster's New World Roget's A-Z Thesaurus II
Learn more about prize